9.1 Million Barrel Build in Crude Oil. Wow. Get The Hell Out.

[ByLoSellHi]

It also takes a little graft and inside info sometimes.

Be that as it may, this number is going to drive crude lower; whether today or by Friday, I do not care.

Even the inside track can't defy gravity forever (they can delay and obfuscate long enough to make a profitable trade).

 

[makloda]

So what price have you been short CL/USO from?

 

[ByLoSellHi]

Quote from makloda:

So what price have you been short CL/USO from?

I got burned almost every time I tried to trade any commodity. So I haven't been and I won't be - oil or anything else.

I am just going long on a few refineries, such as TSO, VLO and FTO, and will hold them for the long term.

For every dollar I could have made being short crude the last week or so, I would have lost two elsewhere.

 

[PAPA ROACH]

Don't put too much into that crude build guys, yes it was a big build, but Eduoard closed some gulf coast ports last week thus delaying crude shipments for a few days. There was a draw in crude everywhere but the gulf coast (+10.8 MB). Also, today is expiry of Sep crude, which is more about closing out than techs or fundamentals.

For the record, I am not bullish crude yet.

 

[Picaso]

Quote from brocklanders:

yeah, Crude is actually holding up pretty well considering how big this number was. It even went up some right after the number came up and looked like it was going to snap back for a minute. An afternoon rally would not surprise me at all.

Good call.

FWIW, my observation is that (aside from the first minutes) the number that counts is the aggregate of oil, gas and distillates. Oil increased by 9.4 million, gas dropped by 6.2 and distillates increased by half a million, that is about a 3 million increase from the Bloomberg forecast (+1, -3, +1), but it seems that the market was actually pricing in a bigger build in inventories, so after the panic selling and sweeping of stops, somebody has been accumulating steadily all afternoon.

I keep wondering why NYMEX won't lower oil margins... any thoughts?

Best trading,

Jorge

 

[spanish89]

Quote from Sarvise:

Oil increased by 9.4 million, gas dropped by 6.2 and distillates increased by half a million, that is about a 3 million increase from the Bloomberg forecast (+1, -3, +1)

Aloha mate can i ask if anyone knows a decent economic real-time instantly-updating calendars that gives the weekly readings for gas, distillates and petroleum??

Because i use the forex factory one, that gives the reading within a few seconds of the crude number coming out, which is quite slow still.
But it doesn't give the gas or petroleum numbers, which is extremely annoying.


Thanks in advance

 

[brocklanders]

Quote from Sarvise:

Good call.

I keep wondering why NYMEX won't drop oil margins... any thoughts?

Best trading,

Jorge

Thanks. I think that there is so much political pressure right now that lowering crude margins would set off a firestorm in Washington. The politicians have gotta pin the blame on someone for high gas prices. I just hope that they don't raise margins/eliminate margins on crude like some of the tools in D.C. have been proposing.

 

[S2007S]

Just got back into DUG


$35.00

 

[Picaso]

Quote from spanish89:

Aloha mate can i ask if anyone knows a decent economic real-time instantly-updating calendars that gives the weekly readings for gas, distillates and petroleum??

Because i use the forex factory one, that gives the reading within a few seconds of the crude number coming out, which is quite slow still.
But it doesn't give the gas or petroleum numbers, which is extremely annoying.


Thanks in advance

If you want a true real-time newsfeed, you'll need to pay (as far as I know, if not, please somebody enlighten me), try CME e-quotes or anyone giving you discounted mini-Dowjones newswire.

Other than that, I would go directly to the source:

http://www.eia.doe.gov/oil_gaspetroleum/data_publications/weekly_petroleum_status_report/wpsr.html[/url]

Oh, if you happen to speak (or understand) Spanish, you can try www.bolsamania.com (the "Pulso de mercado" section), it'll take them between 3-10 seconds (or a few minutes some weeks - maybe they're all in the toilet) to update the info.

Best trading,

Jorge

 

[brocklanders]

Quote from spanish89:

Aloha mate can i ask if anyone knows a decent economic real-time instantly-updating calendars that gives the weekly readings for gas, distillates and petroleum??

Check out Reuters North American package. I get pretty much instant economic releases through them. It is much cheaper than some of the other alternatives too. It costs about $65/mo.